Sign in to join the discussion or ask one of our experts another question.


Retiring in Austria


Andrew Flower's picture
By Andrew Flower - Posted on
16 August 2012
I just read Stephen Patriarca's (UK Expat)interview on moving and retiring in Austria. Stephen made particular comment about deciding where to have one's pension taxed - but didn't comment further. Can annyone give advice on the suitable pension options for for a UK Expat retiring in Austria? What should I look out for? There are a lot of QROPS providers offering "great benefits", but start up and annual costs are high. Is a UK SIPP better, particularly if the fund amount is not significant. Also Austrian tax kicks in at 36.5% after the first Euro 11,000. whereas in the UK for retired persons the tax level is only 20% after the pensionable tax allowance (currently approx. Euro 12,000.
Anonymous
Anonymous's picture

Gruss Gott Andrew. I could not possibly advise on these very complex finance issues except to say make sure you do ask advice in BOTH countries. The Ex Pat Centre here in Vienna will readily put you in touch with experts in the field and some preliminary advice is free of charge. My own point was that Government pensions have to be taxed in the UK (and then tax refunded under Double Taxation Treaty) however my Teachers' Pension was earned through the private sector at a time when the state was very keen to have private sector members of the TPA for its own purposes (now the situation is changed there are of course political voices against this). In my case then I was given a choice and rather stupidly I elected to be taxed wholly in Austria. As you know Austria has one of the highest tax regimes in the EU. That said, many would see property as the best pension! I am certainly nervous about all European currencies especially the Euro. I am not a Financial adviser! But I would go for bricks and mortar every time.

Your rating: None Average: 4 (1 vote)
Andrew Flower's picture
Offline
Last seen: 1 year 48 weeks ago
Joined: 16/08/2012

Thank you very much for your response. Your interview raised the issue of tax rates in the two countries and this is very valuable. I shall investigate more deeply. And if I become any the wiser i will post an update.

Your rating: None

Post new comment

Please only respond to the original question. If you have a new question, click here
By submitting this form, you accept the Mollom privacy policy.

Comment Note

If you are not logged in, your comment will first be moderated before showing up on the page. Thanks for being patient. Please don't resubmit your comment when you don't see it appear immediately.

If you browser seems to hang when submitting a comment, please click here and reload the main Q and A Forum Page.

Read more posts about Austria

Become our local expat expert for your area!

Expat Arrivals is looking for contributors to make this the ultimate guide for international expats.

If you are an established expat who could make time to write useful information for expats in your city and answering forum questions from new and prospective expats, please contact us.

As our local expert you can have your profile showing on each page you publish, and will have an option to promote your website or blog.


Got a question about your new country?

Search Expat Arrivals

X
You may login with either your assigned username or your e-mail address.
The password field is case sensitive.
, after login or registration your account will be connected.
Login with your Facebook account (Recommended)
Loading